Philips profit skyrockets
Second quarter profit at Royal Philips Electronics NV more than tripled in 2013 compared to 2012, the company announced today. The Dutch electronics manufacturer reported a €317 million profit from April through June, up from €102 million a year earlier.
A reduction in acquisition cost, and modifications to debt and operating structures, led to the boost in profit. Sales also jumped by roughly €800 million to €5.65 billion.
In a press release, CEO Frans van Houten indicated optimism with the company's year-end goals, but cautiously remarked that they are "concerned about economic uncertainties around the world."
Founded in Eindhoven over 120 years ago, Philips has been primarily headquartered in Amsterdam since 2001. The company employs over 120,000 people around the world.